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The post is updated with new information on a regular basis.
One of your largest recurring expenses is your rent or mortgage. Most of the time you need to use a bank account to pay these balances. Banks and landlords lose 2%- 3% of the mortgage payment or rent due each month if they accept credit cards without a surcharge.
One option that emerged last year is Bilt rewards and the Bilt Mastercard, which allow you to pay rent with no fees. World Elite Mastercard benefits and no annual fee are offered.
Beyond this one card, there are many other ways to pay your rent or mortgage with a credit card. When it makes sense to pay your rent with a credit card is reviewed in this guide.
Most apartment complexes and landlords won't accept credit cards through an online system or through their own small business with no added fee. If this applies to you, consider yourself fortunate.
The potential reward value in a year's lease is something that should be on your list of things to consider when looking for an apartment.
Let's say your rent is $1,200 per month and you have a Chase Freedom unlimited card. You can turn this card into 1.5 Ultimate rewards points. After 12 payments, you will have earned $216 cash back or 21,600 Ultimate rewards points, which are worth $432 based on the valuation of the company.
The power of the Chase Trifecta is shown in the following pictures.
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The Bilt Mastercard can be used to pay. The only card that allows renters to pay rent with a credit card is this one, which does not have an annual fee.
A maximum of 50,000 points can be earned by renters on their rent payments. You need to make at least five transactions on your card each month in order to get points. Paying rent with a card isn't enough.
Even if your landlord or apartment management company doesn't accept credit cards, the card can still be used to pay rent. Rent can be paid using the Bilt Mastercard. Each month, Bilt will send you a check. Your landlord gets paid as a result of you earning points.
You can earn points on dining, travel, and other purchases with the Bilt Mastercard. Rent payments earn 1 point per dollar.
If you make purchases on the first day of the month, you can earn additional points. On the first day of the month, you'll get double points on non-rent transactions if you pay your rent on time.
Transferring points to travel partners at a 3:1 ratio is one of the ways that bilt points can be used.
Is it a good idea to use the Bilt Mastercard. It's a game-changing thing for people who rent.
Sometimes a landlord or a bank will accept a debit card for payment with no fees. Since your landlord will pay less fees for accepting a debit card than for a credit card, it's more convenient to use a debit card as a payment.
A credit card is a better option than a debit card.
You can pay your rent, mortgage, and almost any other bill with a wide range of credit cards. Fees range from 2% to 3% for credit card payments. A flat fee can be incurred when making payments with a debit card.
There are third-party payment providers that accept credit cards.
| Company | Fees | Cards accepted for rent payments |
|---|---|---|
| Plastiq | Up to 2.9%. | American Express, Diners Club, Discover, Mastercard and Visa. |
| PlacePay | ACH payments: $1.95. Credit or debit: 2.99%. | American Express, Discover, Mastercard and Visa. |
| RentMoola | Visa/Mastercard debit cards: $6.99.
Visa/Mastercard credit cards: 2.99%. American Express: 3.99%. | American Express, Mastercard, UnionPay and Visa. |
| Venmo | Debit card: Free. Credit card: 3% | American Express, Discover, Mastercard and Visa. |
Venmo requires both landlords and tenants to register before it can be used. The cheapest service is Plastiq. The fees are further reduced by occasional promotions.
The fee to pay rent with a credit card has gone up multiple times in the last few years.
The Plastiq review shows how to earn more points.
If you need to meet a minimum spending requirement to get a sign-up bonus, it's easiest to add an additional fee to your rent. The British Airways Visa Signature Card requires you to spend $20,000 in the first year to get the 100,000 bonus. The bonus is worth over $1,000 according to the latest valuations by the company. It makes sense to incur these fees if your fees are less than this amount.
Is it a good idea to pay with a rewards credit card.
If the points or miles you earn are worth more than the fee, you should calculate them. If the fees for paying with a credit card are more than the rewards you'll earn, it's likely a losing proposition to pay your rent or mortgage with a credit card.
You can come out ahead if you have enough friends and family sign up through your promo code.
It is possible that you will have to pay a surcharge to use your card.
If you use a credit card to pay your mortgage, it's the same general rule. This can be very difficult or comes with high fees. The Citi Double Cash Card can be used during a promo or when you have fee-free dollars. If you also have a card like the Citi Premier Card, those rewards convert into 2 Citi ThankYou points per dollar. According to the latest valuations, this gives a 3.6% return on spending.
If you use this option to pay a $2,000 mortgage through Plastiq during a 2% promo, you would pay $40 in fees and earn 72 points. You should sign up for the email list if you aren't already on it.
These are the best credit cards to use.
You can't pay your mortgage with a credit card. American Express cards and Visa credit cards can't be used for these payments. You can also use cards from Discover, Diners Club and Mastercard.
Ensuring that the rewards you earn are worth more than the fees you pay is one of the considerations when paying your bill through these providers.
Cash advance charges, which earn no rewards on credit cards and have high interest rates, should not be used as payment methods. You should run small test payments to be sure that the services listed above are not a cash advance. If you want to prevent accidental cash advances on these payments, ask your card issuer to reduce the cash advance limit to $0 or less. You won't be able to initiate a cash advance if you do this.
You should be aware of the length of time it takes to complete these payments. You can't request the payment the day before it's due if the service mails a physical check. Make sure to give yourself plenty of time and keep an eye on the payment. You should be able to receive your check within a full week from the day you submit the payment.
You shouldn't charge your rent or mortgage to your credit card to pay for something you can't afford. Paying your bills in full and on time will help you avoid interest charges on your credit cards.
There are Commandments of credit cards.
Unless you are one of the few who can pay your rent or mortgage with a credit card and not incur fees along the way, you will want to consider using a third-party payment provider. The Bilt Mastercard is a good option for people who want to earn points on their rent payments.
If you have access to a rewards-earning debit card, you should ask your landlord to accept payments via the app if you have one.
You can use a service that assesses a fee when you pay with a credit card. If you're earning a lot of rewards to justify the fee, then you should use this service. This will only make sense if you get a shiny new sign-up bonus.
Additional reporting was done by several people.
Click here to find the rates and fees of the Mastercard. Click here if you want the full rewards and benefits.
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